What is the Main Purpose of a Will
It’s about your children being brought up by people you know and trust, about marriage and divorce and re-marriage; about insolvency, physical and mental incapacity, planning for care home fees, funeral plans, inheritance tax, business property relief and powers of attorney.
It’s about trusts and about being able to exercise some control over your estate BOTH before and after your death.
Dying without a Will – Intestacy.
This situation can cause hardship and suffering for the ones you love but can enrich people you may neither know nor like.
Who needs a Will?
Regardless of age or wealth, everyone should create a Will so that on death their estate can be distributed as per their wishes. Your particular case might need to be reviewed, but it would be wiser to ger professional advice in this important matter.
Won’t everything go to my Wife, my Husband our Children anyway?
We wish it was that easy. The problem is that people are complex, and it is not usually possible or wise to try to predict what might happen in future. The cruellest example that we see is when the surviving partner forms a new association or relationship, it is then difficult to think about who will end up benefiting from your hard-earned money. In some extreme cases, we see the children of the deceased fighting mum and her new partner in court. important matter.
How Can Estate Planning Protect me or my family?
Life is often full of surprises, so who knows what is around the corner for us. We often speak about dying earlier before we are ready, but what about living longer than we expected.
Of course, there is only so much planning that one can do, but it is good practice to prepare the best you can while still enjoying your life with your family and loved one. Simple instruments such your Willm Lasting Power of Attorney and Trusts can make a difference to the quality of your life.
For example, incorporation a Property Trust into a Will and ensuring that you have the Trustees and Attorneys that you Trust will be covered for most of life’s little surprises.
What happens if you don’t have a Will?
This is called dying Intestate. Setting Intestacy can get complicated. For instance, in the UK the Married or Civil partner may get to keep of the deceased’s assets up to £270,000. This could cut your children out of their inheritance, or provide no consideration for children of a previous relationship. In Scotland and Wales, the outcome could be different form this example. This can have some unpleasant consequences which are usually handled by expensive lawyers and can be a long a painful experience for everyone else involved.
How To Ensure That Your Assets Stay In Your family.
Most people know that they should be making a Will, but many never get around to it for a variety of reasons including cost, complexity, ignorance of the consequences of not having one, or simply not wishing to acknowledge your mortality. There’s nothing we can do about the last one but we can make writing your Will simple and cost-effective for you.
Your assets could be frozen during probate.
The courts don’t know if your family relationship was a good or a bad one, neither do they know who you would have wished to distribute your estate or look after your children.
They may just appoint professionals, not the people you would have wanted.
Your spouse MAY NOT automatically inherit everything, other people may stake a claim in your estate for various reasons.